Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Cash cattle prices for the week were steady to weaker over the week but the tone of the market into November is lower. Beef prices are down for the week and packers dropped slaughter by 8,000 head at the same time weights are increasing. Packers could easily take in in more cattle. Packers are also buying cattle and not taking delivery on 25% for 3 to 4 weeks out.
PORK COMPLEX
A foreseeable negative, open interest is increasing. November , a non -spot month, is a time speculators often take control. Funds will be rolling out of December, but funds aren’t required to roll into future months. Some funds may not allocate capital to lean hog positions in 2025.
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